New 450mn fund to unlock innovation across networks
Energy regulator Ofgem has launched a new fund to unlock greener ways to travel and to heat and power homes and businesses, by harnessing a new approach to energy network innovation.
The £450mn fund is part of Ofgem’s RII02 price controls for the electricity system operator and the network companies that operate GB’s energy pipes and wires. The fund will be managed in partnership with Innovate UK. The £450mn will initially become available over the next five years, with the option for an increase in response to need and if innovators bring forward strong plans.
Together, network companies, system operators, businesses and researchers will use this money to drive big ideas that accelerate the transition to an emissions-free energy system, says Innovate UK.
To apply for the first round of funding, network companies must address four major strategic challenges that are crucial for the energy transition: whole system integration; data and digitalisation; heat; and transport.
Projects could range from ensuring the networks are ready to roll-out clean heating solutions such as heat pumps to Britain’s homes, to developing ways for network companies to work together across transmission, distribution, system operation, gas and electricity. Projects could also include developing new technologies for networks to support flexible energy solutions. Ideas need to be bold and ambitious, with potential to scale across the networks upon completion, says Innovate UK.
The £450mn fund is part of Ofgem’s RII02 price controls for the electricity system operator and the network companies that operate GB’s energy pipes and wires. The fund will be managed in partnership with Innovate UK. The £450mn will initially become available over the next five years, with the option for an increase in response to need and if innovators bring forward strong plans.
Together, network companies, system operators, businesses and researchers will use this money to drive big ideas that accelerate the transition to an emissions-free energy system, says Innovate UK.
To apply for the first round of funding, network companies must address four major strategic challenges that are crucial for the energy transition: whole system integration; data and digitalisation; heat; and transport.
Projects could range from ensuring the networks are ready to roll-out clean heating solutions such as heat pumps to Britain’s homes, to developing ways for network companies to work together across transmission, distribution, system operation, gas and electricity. Projects could also include developing new technologies for networks to support flexible energy solutions. Ideas need to be bold and ambitious, with potential to scale across the networks upon completion, says Innovate UK.
News Item details
Journal title: Energy World
Countries: UK -
Organisation: Ofgem
Subjects: Heat pumps, Electricity, Funding, Energy transition, Energy networks
